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AP govt in debt crisis with higher interest loans - ABN

Mon, Feb 20, 2017, 08:54 AM
The AP government wrote a letter to the RBI to allow an exchange of loans with a higher rate of interest with lower rates. The government has been taking loans to meet the financial needs of various developmental works and social welfare schemes. The state government had cleared 58.52 per cent debts of united AP and took new loans for truncated state. The loans taken from an open market for higher rate became a burden for the government. The AP government has to clear Rs 1.4 lakh crores in which Rs 86,543 crore were taken from open market for higher interest.
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